汇丰HSBC：Alphabet（GOOGL.US）-美股公司研究：Gemini 3降低查询中断风险；重申买入评级-251202（英文版）（16页）.pdf

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1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Bank plc View HSBC Global Investment Research at:https:/ Full-stack AI strategy delivers tangible progr

2、ess via launch of Gemini 3 and potential externalisation of TPUs+more Gemini powered AI initiatives and commercialisation thereof should benefit long-term outlook Gemini 3 success affords higher valuation:TP to USD370(from USD335);cut FY26/27e EPS by 5-6%;retain Buy Reaping rewards of full stack AI-

3、strategy:Post a better-than-expected Q3 update in late October(see:Buy:Full stack AI strategy paying dividends,30 Oct 2025),Alphabet shares have outperformed the MAG7 universe,driven by the launch of its latest AI model Gemini 3 Pro,alongside reports suggesting that TPUs could be deployed into exter

4、nal data centres for the first time.These developments further demonstrate the potential of Alphabets full-stack AI strategy,the only hyperscaler in this position.Gemini 3 overtakes ChatGPT 5&TPU potential development:Overleaf,we illustrate why we think Gemini 3 Pro is a better frontier model than C

5、hatGPT 5.1,increasing our confidence in Google Searchs ability to grow(rather than just defend)its share of the search market.Meta is reportedly in talks to use Google TPUs for training large language models(LLM)(not just inference)in its own data centres as a potential alternative to NVIDIA driven

6、by attractive price performance.This is the first time Google has sought to externalise the value of its TPUs.We outline that revenues of 10%of NVIDIA in 2030 would add c6%to Alphabets current market cap.Increased capex guidance/commercial focus supports growth outlook:In our initiation report(Initi